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Bankers Petroleum announces 2014 capital budget and work program
Fully Funded US$313 Million Capital Program in Albania CALGARY , Dec. 12, 2013 ...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\nFully Funded US$313 Million Capital Program in Albania\n\n\nCALGARY, Dec. 12, 2013 /CNW/ - Bankers Petroleum Ltd. (\"Bankers\" or the\n \"Company\") (TSX: BNK, AIM: BNK) is pleased to announce its 2014 capital\n program of US$313 million, to be fully funded with funds generated from\n operations, cash and available credit facilities. This represents a\n record annual activity level for the Company. The budget has been\n approved by the Company's Board of Directors and submitted to the\n Albanian authorities for their approval.\n\n\nThe 2014 capital program will focus on horizontal drilling and expansion\n of the secondary recovery program in the Patos-Marinza oilfield. The\n Company will also direct capital towards associated projects including\n infrastructure and facilities construction, drilling of core wells in\n the South area of the field, new development in Kuçova, and exploration\n for natural gas in Block \"F\".\n\n\nDavid French, President & CEO commented, \"Our 2014 capital budget\n extends on Bankers three key strategies of disciplined growth through\n drilling, validation of our enhanced recovery potential, and expanding\n our operating margins. We have put together a balanced spend profile to\n deliver reliable in-year production growth, and at the same time build\n on our understanding of the prize of further development over the next\n decade.\"\n\n\nPATOS-MARINZA FIELD\nPrimary Drilling Capital\n\n\nWith the addition of the sixth drilling rig in the first quarter and a\n budget of $216 million, the Company intends to drill a total 150 to 170\n wells in 2014. This includes horizontal development wells, lateral\n re-drills, vertical delineation wells, and core wells. Approximately\n 90% of drilling activities will focus on production growth and 10% of\n the wells will target new reserves through delineation of zones and\n areas. Included in the drilling budget is $15 million for re-activation\n and work-over of old vertical wells.\n\n\nWater and Polymer Flood Program\n\n\nThe 2014 capital program includes $15 million for expansion of polymer\n and water flood patterns with up to fourteen (14) injector conversions\n as well as associated facilities aimed to offset field declines and\n increase recovery of the oil in place.  The Company will continue to\n evaluate the existing patterns and adjust...